Yandex preliminarily agrees with bondholders on key terms for bond redemption

MOSCOW. June 10 (Interfax) - Yandex has reached a preliminary agreement with a special committee of bondholders on the key terms and conditions for the bond redemption, the Russian IT company said in a statement.

Yandex is ready to pay bondholders $140,000 and 957 shares of Yandex N.V . for every $200,000 in face value of the bonds, according to the statement.

"If final agreements on the terms and conditions of the transaction are reached, then Yandex plans to sign a buyback agreement with the holders of convertible bonds. Once the buyback process has finished, Yandex intends to redeem the purchased bonds in accordance with the terms of the bonded loan," the IT company noted.